Fox Corporation has agreed to acquire Roku, the streaming platform that serves as a gateway to internet-based television for tens of millions of households, in a deal valued at approximately $22 billion in cash and stock. The announcement represents one of the largest media acquisitions in recent years and signals Fox's intent to deepen its presence in the rapidly evolving streaming landscape.

Roku has long occupied a unique position in the streaming market, operating as a neutral platform carrying content from competitors such as Netflix, Disney+, and Amazon Prime Video, while also generating revenue through advertising and its own free ad-supported streaming channels. A merger with Fox would bring that platform under the ownership of a major content producer and broadcaster for the first time, raising questions about how Roku's open ecosystem might change.

Fox Corporation, led by Lachlan Murdoch, has invested heavily in live news and sports programming — content categories that have proven resilient in the streaming era. Roku's more than 80 million active accounts would give Fox direct access to a large and established streaming audience, along with valuable data on viewer habits and significant advertising inventory.

The deal is expected to face regulatory scrutiny, given Roku's role as a distribution platform used by Fox's direct competitors. Analysts noted that the combination would give Fox both content and a distribution layer, a pairing that regulators have examined closely in past media mergers. Terms of the agreement were described as a combination of cash and stock, though full financial details are expected to be disclosed in formal filings.